(Image source: Vermont Mutual Insurance Group.)
Vermont Mutual Insurance Group (Montpelier), one of the country’s oldest mutuals, chartered in 1828, has selected Guidewire (Foster City, Calif.) InsuranceNow to modernize its technology platform and enable business transformation according to a vendor statement. The carrier, which insures 300,000 policyholders and has direct written premium of over $435 million, plans to simultaneously implement InsuranceNow’s policy administration, claims management, and billing functionality, by line of business in three phases. Vermont Mutual will start with its dwelling fire line of business, followed by personal lines, and concluding with its commercial lines of business.
“We are pleased that Guidewire provides the collective talent, expertise and product to support Vermont Mutual’s modernization efforts,” comments Dan Bridge, president and CEO, Vermont Mutual. “We look forward to leveraging the best technology and tools available to continue improving upon our historically superior financial performance, and our team is excited about what the future holds for our collaboration with Guidewire.”
“We found InsuranceNow and the cloud deployment option to be very attractive as speed-to-market is a critically important business driver for us,” says Joanne Currier, VP, IT, Vermont Mutual. “InsuranceNow will enable us to stay current with our core applications, benefiting quickly when technology enhancements and new integrations are introduced.”
InsuranceNow will enable Vermont Mutual to do the following, by the vendor’s description:
- Enhance operational efficiency and productivity throughout the organization by standardizing policy administration, billing management and claims handling processes on a cohesive technology platform;
- Allow current IT staff to focus on more strategic initiatives to support the business; and
- Increase speed-to-market and business agility, as well as reduce system maintenance costs, by leveraging cloud technology.
“We are pleased to welcome Vermont Mutual to the Guidewire community,” comments Ken Shapiro, group vice president, Americas Sales, Guidewire Software. “We applaud the company’s mission to evolve its technology foundation, ensuring that it can continue to offer quality products and outstanding service for its policyholders and agents, well into the future. We are excited to begin our work together.”
Guidewire InsuranceNow is a cloud-based offering that Guidewire describes as an all-in-one solution supporting the P&C insurance lifecycle. Based on ISCS technology, acquired by Guidewire in Dec. 2016, the solution features integrated design, out-of-the-box functionality, and guided approach enable fast implementation and quick upgrades, according to the vendor.